Session Laws

Whereas, The deferred operation of this act would tend to defeat its purpose, which is to immediately provide for adjustments in the calculation of lending limitations for certain stock corporations, therefore it is hereby declared to be an emergency law, necessary for the immediate preservation of the public convenience.

Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as follows:

SECTION 1. Notwithstanding the provisions of subsection A of section fourteen of chapter one hundred and sixty-seven E of the General Laws to the contrary, for purposes of calculating the limitations prescribed under said subsection A, any stock corporation that had negative undivided profits as of October seventeenth, nineteen hundred and eighty-four, shall treat the value of such undivided profits as zero through December thirty-first, nineteen hundred and eighty-six. The value of any additional negative undivided profits accumulated after October seventeenth, nineteen hundred and eighty-four, shall be included for purposes of calculating the limitations prescribed under said subsection A.

SECTION 2. This act shall take effect as of October seventeenth, nineteen hundred and eighty-four.